I was a fan of Fake Location, but it was a pain to manually drag and drop the pin each time I wanted to virtually be somewhere else. It doesn't seem to even work in iOS 6 either. Well after searching around today I learned about Location Holic.

With LocationHolic you can setup address bookmarks, and easily search by address. The recent update made it work on my iPhone 5 with iOS 6.1 as well. (perfect timing)